Financing in Park Place>Question Details

janice.marti…, Home Buyer in Mobile, AL

My husband and I had a conventional mortgage which was foreclosed in March 2012, (after 15 years). Can we qualify for a FHA loan?

Asked by janice.martin93@yahoo.com, Mobile, AL Thu Oct 4, 2012

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Ruth Carlson’s answer
Such a sad situation. But, you cannot qualify for a new loan yet. Following a foreclosure most banks will not lend funds for a period of 3+ years. The type of loan that was foreclosed makes little difference. FHA loans will re-open to you after 3 years. All other credit references must be very good!
0 votes Thank Flag Link Tue Oct 16, 2012
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